Bitwise Launches Yield-Bearing Avalanche ETP on NYSE

Bitwise Asset Management has expanded its digital asset offerings with the launch of a spot Avalanche ETP, trading under the ticker BAVA on the New York Stock Exchange. The product distinguishes itself by incorporating a staking mechanism, allowing investors to earn rewards from the Avalanche network while maintaining exposure to the token's price. The fund utilizes Bitwise Onchain Solutions to manage network validation, targeting a staking ratio of 70% of its AVAX holdings. The remaining 30% is held in reserve to ensure liquidity for redemptions and operational requirements. This structure allows the fund to distribute net investment income, including staking rewards—which stood at approximately 5.4% in mid-April—directly to shareholders. BAVA debuted on Wednesday, closing at $25.50 per share, a 1.5% increase. The underlying Avalanche token (AVAX) traded at $9.52, up 1.8%. Bitwise has set a sponsor fee of 0.34%, though this is waived for the first month on the first $500 million in assets. The launch follows a trend of increasing institutional adoption for Avalanche, with Nasdaq recently filing for the VanEck Avalanche Trust and CME Group expanding its futures contracts to include AVAX and Sui. This move mirrors the broader institutionalization of the crypto market, where Bitcoin ETFs and corporate treasuries now account for roughly 12% of BTC's circulating supply.